So, BitPay, which “offers a payment processing solution for merchants to accept digital currency as payment for goods and services”, settled 2,102 apparent violations of multiple programs that were considered non-egregious, but not voluntarily self-disclosed. The total value of the transactions involved was only $128,582.61 (and the actual revenue to […]
Mr. Watchlist’s DesigNation is back, after over a month off (there hasn’t been a ton that’s been all that interesting recently, to be honest). But, “A Bit Much?” asks the burning question: why was the BitPay settlement with OFAC (and the BitGo one last year, too, to be honest) so […]
FOR IMMEDIATE RELEASE January 27, 2021 http://www.bis.doc.gov BUREAU OF INDUSTRY AND SECURITY Office of Congressional and Public Affairs (202) 482-1069 BIS IMPOSES ADMINISTRATIVE PENALTIES FOR SUBMISSION OF FALSE OR MISLEADING EXPORT INFORMATION INVOLVING RUSSIA On January 27, 2021, Kevin J. Kurland, performing the non-exclusive functions and duties of the Assistant […]
FOR IMMEDIATE RELEASE February 2, 2021 http://www.bis.doc.gov BUREAU OF INDUSTRY AND SECURITY Office of Congressional and Public Affairs (202) 482-1069 PRINCETON UNIVERSITY RESOLVES ALLEGATIONS OF EXPORT LAW VIOLATIONS WITH ADMINISTRATIVE SETTLEMENT Today, Kevin J. Kurland, performing the non-exclusive functions and duties of the Assistant Secretary for Export Enforcement, Bureau of […]
CBUAE imposes financial sanctions on 11 banks operating in the UAE Abu Dhabi (31 January 2021): The Central Bank of the UAE (CBUAE) imposed financial sanctions on 11 banks operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and […]
FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act Contact Office of Strategic Communications, 703-905-3770 Immediate Release January 15, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging […]
28 non-egregious, non-voluntarily self-disclosed violations of North Korean sanctions by PT Bukit Muria Jaya puts the base penalty at $1,270,000. What they did BMJ exported cigarette paper to entities located in or doing business on behalf of the DPRK, including to an intermediary in China that procured cigarette paper from […]
That is not a typo… Mr. Watchlist meant to type “disinformation.” Read the details and I think you’ll understand why/… Union de Banques Arabes et Francaises (UBAF) committed 127 apparent non-egregious, voluntarily self-disclosed violations of sanctions imposed on sanctioned Syrian financial institutions between August 2011 and April 2013. These violated […]
NCB, based in Jeddah, Saudi Arabia, paid the settlement for 13 apparent violations of the Sudan and Syria-related sanctions in which the transactions went through the U.S. financial system between November 2011 and late August 2014. The non-egregious violations were voluntarily self-disclosed for 8 Syria-related violations, but not self-disclosed for […]
You’re still at work, yes? OK, take a 10-minute break and listed to the latest episode Sanctions Clause Says: Don’t Pass, BitGo! – all about yesterday’s teeny, tiny settlement OFAC made with this virtual currency services firm. It may be small, but there are some lessons to be learned. Happy […]
